CREDAI for maintaining equilibrium between public and realtor

CHENNAI: Proposed Real Estate Regulatory Bill should maintain "equilibrium" between the realtor and the public besides regulating the entire industry, industry body CREDAI said today.

"..from industry perspective it is important that the Bill maintains equilibrium between the developer's community and end users," Confederation of Real Estate Developers Association of India (CREDAI) National President C Shekar Reddy said in a statement.

However, he cautioned some provisions in the Bill were required to be modified otherwise it would result in "substantial increase" in the cost to buyers and shatter the dream of 'housing for all". "It will also impact the affordable housing initiative", he said.

To make the regulation effective, the Bill should regulate the entire real estate industry covering all its stake holders, he noted.

A Bill providing for setting up a regulator for the real estate sector and having provisions like a jail term of up to three years for developers who make offences like putting up misleading advertisements about projects repeatedly was approved by the government recently.

MUMBAI: Real estate buyers probably did not have too many options but to seek redressal of their grievances through consumer forums. Even then, buyer agreements were always favourably tilted towards the developer and often against a buyer's interest. Now with the Cabinet clearing the Real Estate (Regulation and Development) Bill, not only will builders' disclosures and transparency on projects increase, it will also allay buyers' fears and concerns, and speedily redress grievances.

MUMBAI: If anything, the Real Estate (Regulation and Development) Bill is only going to add to the confusion existing in the sector. In any real estate project, there are three principal stakeholders -– developer, consumer and the authorities. The bill has been designed to empower the authorities further. There is little in it for the consumer, as for the developer, his project completion time has just got longer.

The land of the royals, Hyderabad, is familiar to the concept of luxury and opulence. Premium properties are making a comeback in the city. New real estate developers such as Mahindra Lifespaces, Emmar Group, Bollineni Developers Ltd and Aliens Group, among others are active in this segment.

BANGLORE: Last year, around this time (mid 2012), the residential real estate price in Bangalore kissed sky high with Rs 33,000 per sq ft for an upscale project on the Vittal Mallya Road. Rough calculations pegged a 8,200 sq ft apartment in the project at about Rs 27 crore.

DELHI: The long wait is finally over. Real estate industry in India will now have a regulatory body. The Union Cabinet approved the Real Estate Regulatory Authority Bill on 4th June 2013. The Bill would cover all developers coming up with a project of 1000 sq meters and above.

BHUBANESWAR: Odisha Cricket Association (OCA), in trouble for receiving Rs one crore from the dodgy AT Group for some cricket matches, on Wednesday said it is willing to deposit the money with the state government to benefit small-time investors.

BHUBANESWAR: The Crime Branch (CB) on Wednesday arrested a builder for allegedly raising around Rs 50 crore by floating dubious housing schemes. Managing director of Umamani Home Creations Narayan Chandra Nayak had promised inventors lands, on the outskirts of the city, but reneged on the deal.